Weekly Market Commentary: Support Trendline Holds
Another week - another support hold. Certainly the rate of ascent the various markets are running is slowing, but not enough to crack the trend - yet. The S&P is very close to a MACD 'sell' trigger.
The Nasdaq has got the most interesting set-up; nestled against resistance with a sub-zero MACD about to give a new 'buy' signal - one to watch next week.
The Nasdaq 100 has been leading the indices in recent weeks and it too is about to give another MACD 'buy'
Market Breadth is neutral and could easily go either way - so both bulls and bears could draw their own favorable conclusions as to 'what happens next?'
Only the Bullish Percents are perhaps a little over-baked
With Christmas fast approaching and recent eyes on the dollar it would like the general market is not going to see a much change. If dollar strength continues look to small caps (Russell 2000) to benefit and large caps (Dow and S&P) to suffer.
Dr. Declan Fallon, Senior Market Technician, Zignals.com. November 2009 has seen a significant upgrade and is on course to becoming the eBay of finance with our new Beta MarketPlace and a new rich internet application for finance, the Zignals Dashboard. Zignals now has new fundamental stock alerts, stock charts for Indian, Australian, Frankfurt and soon Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active fundamental system stock screener and trading system builder. New Forex and Index data.
The Nasdaq has got the most interesting set-up; nestled against resistance with a sub-zero MACD about to give a new 'buy' signal - one to watch next week.
The Nasdaq 100 has been leading the indices in recent weeks and it too is about to give another MACD 'buy'
Market Breadth is neutral and could easily go either way - so both bulls and bears could draw their own favorable conclusions as to 'what happens next?'
Only the Bullish Percents are perhaps a little over-baked
With Christmas fast approaching and recent eyes on the dollar it would like the general market is not going to see a much change. If dollar strength continues look to small caps (Russell 2000) to benefit and large caps (Dow and S&P) to suffer.
Dr. Declan Fallon, Senior Market Technician, Zignals.com. November 2009 has seen a significant upgrade and is on course to becoming the eBay of finance with our new Beta MarketPlace and a new rich internet application for finance, the Zignals Dashboard. Zignals now has new fundamental stock alerts, stock charts for Indian, Australian, Frankfurt and soon Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active fundamental system stock screener and trading system builder. New Forex and Index data.
